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Russia’s economic ministry wants state firms to sell property via tenders

July 08, 2014, 15:05 UTC+3 MOSCOW
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MOSCOW, July 08./ITAR-TASS/. The Russian Economic Development Ministry has developed a draft bill, under which state and municipal unitary companies must sell their property only through tenders, according to the draft bill posted on the government’s legal information Web site on Tuesday.

There should be a common order of tender procedures and companies must post information on them on the government’s Web site. The tenders are supposed to exclude the possibility of secret sales deals and increase the state’s income.

According to the current law, state and municipal companies have no right to sell, rent or pledge their property, contribute it in the companies’ capital or dispose of it in any way without approval of the property’s owner, but the law does not oblige the companies to sell its property through tenders.

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